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AO World revenue grows 8% on extended Black Friday deal bonanza

StockMarketWire.com

Online electrical retailer AO World on Friday kept its full-year guidance unchanged as its decision to extend Black Friday deals over a long period in November was 'well received' by customers, supporting an 8.2% rise in third-quarter revenue.

'AO World remains on track to deliver its long-term strategic plan and the board's expectations for the full year remain unchanged,' the retailer confirmed.

UK revenue growth was 4.4% for the quarter, which the company attributed to offering Black Friday deals over a longer time period in November, smoother sales flow and improved margins.

The company recorded its highest sales month ever in November.

Its European business saw revenue jump 31.3% for the quarter on a constant currency basis, stronger than second-quarter growth rates as the company returned to underlying growth levels following the impact of changes made to its driver operating model during the first half of 2019.

The revenue figures excluded the performance of Mobile Phones Direct, which was acquired on 17 December.

'Against a challenging backdrop, Q3 represents a solid performance across the AO Group. We are on track with our plans as we continue to provide a great proposition for our customers,' said AO World Chief Executive, Steve Caunce.